FINAL NOTICE

ACTION

1.
For the reasons set out in this Final Notice, the Authority hereby takes the
following action against Ms Vida.


2.
The Authority gave Ms Vida the Decision Notice, which notified Ms Vida that, for
the reasons given below and pursuant to section 55J of the Act, the Authority had
decided to cancel the permission granted to Ms Vida under Part 4A of the Act.


3.
Ms Vida has not referred the matter to the Tribunal within 28 days of the date on
which the Decision Notice was given to her.


4.
Accordingly, the Authority has today cancelled Ms Vida’s Part 4A permission.


DEFINITIONS

5.
The definitions below are used in this Final Notice (and in the Annex):

“the Act” means the Financial Services and Markets Act 2000;

“the Authority” means the Financial Conduct Authority;

“the Decision Notice” means the Decision Notice issued to Claudia Vida on 26 July
2017;

“DEPP” means the Authority’s Decision Procedure and Penalties Manual;

“EG” means the Authority’s Enforcement Guide;

“the Handbook” means the Authority’s Handbook of rules and guidance;

“the Principles” means the Authority’s Principles for Businesses;

“the suitability Threshold Condition” means the threshold condition set out in
paragraph 2E of Schedule 6 to the Act;


“SUP” means the section of the Authority’s Handbook entitled ‘Supervision
Manual’;

“the Threshold Conditions” means the threshold conditions set out in Schedule 6
to the Act;


“the Tribunal” means the Upper Tribunal (Tax and Chancery Chamber);

“Ms Vida’s Part 4A permission” means the permission granted by the Authority to
Claudia Vida pursuant to Part 4A of the Act; and

“the Warning Notice” means the Warning Notice issued to Claudia Vida on 6 July
2017.

RELEVANT STATUTORY PROVISIONS

6.
The statutory and regulatory provisions relevant to this Final Notice are set out in
the Annex.


SUMMARY OF THE REASONS

7.
On the basis of the facts and matters and conclusions described in the Warning
Notice, and in the Decision Notice, it appears to the Authority that Ms Vida is
failing to satisfy the suitability Threshold Condition, in that the Authority is not
satisfied that Ms Vida is a fit and proper person having regard to all the
circumstances.


8.
Ms Vida has failed to notify the Authority of a change in the address and
telephone number of her principal place of business and has failed to deal openly
and co-operatively with the Authority (in not providing up-to-date contact
details).

FACTS AND MATTERS

9.
Ms Vida was authorised by the Authority on 26 June 2015 to conduct consumer
credit business.


10.
Correspondence sent by the Authority on 11 August 2016 to Ms Vida at the postal
address last notified by Ms Vida to the Authority as Ms Vida’s principal place of
business was returned to the Authority marked “addressee gone away”.


11.
Correspondence sent by the Authority on 27 March 2017 to Ms Vida at the postal
address last notified by Ms Vida to the Authority as Ms Vida’s principal place of
business was signed for by an individual who was not Ms Vida. The Authority is
not aware of any connection between this individual and Ms Vida.


12.
Correspondence sent by the Authority on 24 April 2017 to Ms Vida at an
alternative postal address for Ms Vida (as recorded on the Individual Insolvency
Register) was signed for by an individual who was not Ms Vida. The Authority is
not aware of any connection between this individual and Ms Vida.


13.
Correspondence sent by the Authority on 8 May 2017 to Ms Vida at an alternative
postal address for Ms Vida (as recorded on the Individual Insolvency Register)
was returned to the Authority marked “addressee gone away”.


14.
Correspondence sent by the Authority on 13 July 2016 and 27 March 2017 to Ms
Vida using the email address last notified by Ms Vida to the Authority had failed
because the “recipient’s provider rejected it”.


15.
The Authority attempted to contact Ms Vida on 15 August 2016, 18 August 2016
and 17 March 2017 on the last telephone number Ms Vida provided to the
Authority. The Authority left Ms Vida a voicemail message on 15 and 18 August
2016 but received no response from Ms Vida on either occasion. On 17 March
2017, the Authority was unable to connect the call as the telephone number was
vacant.


16.
Accordingly, it appears to the Authority that Ms Vida has failed to notify the
Authority of a change in the address and telephone number for her principal place
of business.

FAILINGS

17.
As set out in the facts and matters described above, the Authority has made
repeated unsuccessful attempts to contact Ms Vida using the postal address,
email address and telephone number held by the Authority in relation to Ms Vida.


18.
The Authority has concluded, on the basis of the facts and matters described
above, that:

a. Ms Vida has failed to notify the Authority of a change in the address and

telephone number of her principal place of business contrary to SUP
15.5.4R(1) and SUP 15.5.5R(1) respectively;

b. Ms Vida has failed to deal openly and co-operatively with the Authority in

breach of Principle 11 (Relations with regulators) of the Principles (in not
providing up-to-date contact details);

c. Ms Vida has not demonstrated that she is ready, willing and organised to

comply with the requirements and standards under the regulatory system,
namely the requirements in SUP 15.5.4R(1) and SUP 15.5.5R(1) to give the
Authority reasonable advance notice of a change in the firm’s principal place
of business and telephone number, and the date of the change;

d. Ms Vida has therefore failed to satisfy the Authority that her business is being

managed in such a way as to ensure that its affairs will be conducted in a
sound and prudent manner or that she is a fit and proper person having
regard to all the circumstances;

e. Ms Vida is therefore failing to satisfy the suitability Threshold Condition in

relation to her permitted regulated activities,

and accordingly, Ms Vida’s Part 4A permission should be cancelled.

DECISION MAKER

19.
The decision which gave rise to the obligation to give this Final Notice was made
by the Regulatory Decisions Committee.

IMPORTANT

20.
This Final Notice is given to Ms Vida in accordance with section 390(1) of the Act.

Publicity

21.
The Authority must publish such information about which this Final Notice relates
as the Authority considers appropriate. The information may be published in such
manner as the Authority considers appropriate. However, the Authority may not
publish information if such information would, in the opinion of the Authority, be
unfair to Ms Vida or prejudicial to the interests of consumers.


22.
The Authority intends to publish such information about the matter to which this
Final Notice relates as it considers appropriate.


Authority Contact

23.
For more information concerning this matter generally, Ms Vida should contact
Sheena Baldev at the Authority (direct line: 0207 066 6760).

John Kirby
Enforcement and Market Oversight Division
















RELEVANT STATUTORY PROVISIONS

1.
Section 55J(1) of the Act provides that the Authority may cancel a firm’s Part 4A
permission where, amongst other things—

“it appears to the [Authority] that—

(a)
[the firm] is failing, or is likely to fail, to satisfy the threshold

conditions …;

2.
The suitability Threshold Condition provides:

“[The firm] must be a fit and proper person having regard to all the
circumstances, including—

[…]

(d)
whether
[the
firm]
has
complied
and
is
complying
with

requirements imposed by the [Authority] in the exercise of its
functions, or requests made by the [Authority], relating to the
provision of information to the [Authority] and, where [the firm]
has so complied or is so complying, the manner of that compliance;

[…]

(f)
whether [the firm's] business is being, or is to be, managed in such
a way as to ensure that its affairs will be conducted in a sound and
prudent manner

[…].”

RELEVANT HANDBOOK PROVISIONS

3.
In exercising its power to cancel a Part 4A permission, the Authority must have
regard to guidance published in the Handbook and in regulatory guides, such as
EG. The relevant main considerations in relation to the action specified above are
set out below.

Relevant Principle

4.
Principle 11 (Relations with regulators) of the Principles (PRIN 2.1.1R) provides:

“A firm must deal with [the Authority] in an open and cooperative way,

and must disclose to [the Authority] appropriately anything relating to the

firm of which [the Authority] would reasonably expect notice.”

Relevant Rules

5.
SUP 15.5.4R provides:

“A firm must give the [Authority] reasonable advance notice of a change in
any of the following addresses, and give details of the new address and the
date of the change:

(1)
the firm’s principal place of business in the United Kingdom;

6.
SUP 15.5.5R provides:

“A firm must give the [Authority] reasonable advance notice of a change in
any of the following telephone numbers, and give details of the new telephone
number and the date of the change:


(1)
the number of the firm’s principal place of business in the United

Kingdom;

[…].”

Guidance concerning the suitability Threshold Condition

7.
Guidance on the suitability Threshold Conditions is set out in COND 2.5.


8.
COND 2.5.2G states that the Authority will take into consideration anything that
could influence a firm’s continuing ability to satisfy the threshold conditions set
out in paragraph 2E of Schedule 6 to the Act.

9.
COND 2.5.6G states that examples of the kind of particular considerations to
which the Authority may have regard when assessing whether a firm will satisfy,
and continue to satisfy, the suitability Threshold Condition include whether:


the firm has been open and co-operative in all its dealings with the
Authority and is ready, willing and organised to comply with the
requirements and standards under the regulatory system (COND
2.5.6G(1));


the firm has contravened, amongst other things, the provisions of the
regulatory system, which include the Principles and other rules (COND
2.5.6G(4)).



OTHER RELEVANT REGULATORY PROVISIONS

10.
The Authority’s policy in relation to its enforcement powers is set out in EG,
certain provisions of which are summarised below.

Cancelling a firm’s Part 4A permission on the Authority’s own initiative

11.
EG 8.5.1(1) states that the Authority will consider cancelling a firm’s Part 4A

permission using its own initiative power contained in section 55J of the Act in
circumstances where the Authority has very serious concerns about the firm, or
the way its business is or has been conducted.

12.
EG 8.5.2 provides examples of the types of circumstances in which the Authority
may cancel a Part 4A permission. One such example is the failure to provide the
Authority with valid contact details or failure to maintain the details provided,
such that the Authority is unable to communicate with the firm (EG 8.5.2(6)).